Articles of Association. (continued)

From "Selma; Her Institutions, and Her Men" by John Hardy, pub. 1879:

     4th. Each and every member of said Company, shall share the profits and the losses of said Company in proportion to the amount of stock actually held by him, her or them at the same such profits and losses are ascertained or declared.
     5th. Any member wishing or desiring to change his or her securities to said Company to enable him or her to transfer the Real Estate for which he or she may have given his or her deed of Trust as aforesaid; may do so, provided he or she substitutes in lieu of the first Deed another Deed of Trust upon unencumbered Real Estate at a cash valuation of double the amount of his or her stock subscribed; all of which shall be approved by the Company.
     6th. Any member or Stockholder wishing to withdraw from the Company may do so, on giving bond with approved security, payable to R. R. Nance or his successor in office, to make good his proportion of all losses (if any) which may be sustained on any debts which may have been contracted by the Company up to the time of his wishing to withdrew; and any new member or members may be admitted, at the discretion of the Company, who shall pledge Real Estate in the same manner as the withdrawing member.
     7th. Whenever a demand or demands shall be made to the Company for payment of their notes or bills; and should there not be sufficient funds for the Company to meet them, a call shall be made on the Stockholders, and each member of the Association shall contribute In a ratio of the stock he or she holds, an amount sufficient to liquidate and discharge the claim or demand; and on failure of any Stockholder to pay the sum so required, his or her Real Estate may be sold at the discretion of the Company under the provisions of the Deed of Trust.
     8th. The Officers shall consist of a President and Cashier, who shall be elected annually, and a Committee of finance and Business, to be composed of seven members of the Association, who shall be elected Simi-annually, and hold their office until others are appointed; three of said committee together with the president and Cashier shall constitute a quorum to do business.
     9th. The notes and bills of the Company shall be signed by the President and countersigned by the Cashier.
     10th. The President and Cashier of the Company shall have no power to bind the Company in any way whatsoever, except so far as it is necessary to sign notes, checks and bills of exchange of the Company, and in such amounts and denominations as the Company may direct, or such as may thereafter be granted by the General Board of Directors. They shall hold their offices until their successors are appointed, and shall give bond and security in a sum to be approved by the general Board of Directors. And no member of the Company Shall bind the Company in any manner whatsoever, unless they have special power conferred on them by the Company.
     11th. Each Stockholder shall be a director, and a meeting of Directors shall be held once every three months or oftener if deemed necessary, at such time and place as may be agreed upon by the Company, at which meeting the President and Cashier shall present a full statement of the operations and situation of the Bank to the Stockholders; who shall be considered in General Board of Directors.
     12th. The duties of the Committee of Finance and Business shall be to meet weekly oftener if deemed necessary, to discount notes offered, examine and report the General board of Directors, upon propositions offered by persons wishing to become Stockholders and do all other business which may be required of them in the by-laws of the Company.
     13th. It shall required not less than one-half of the whole number of Stockholders, representing more than on-half the amount subscribed, to form a quorum of the General Board of Directors to transact business, a majority of the votes of whom shall govern in all ordinary cases, except in the admission of a new member, and valuation of property offered by persons wishing to become stockholders, in which case it shall require two-thirds of the votes present.
     14th. The General Board of Directors shall have power to make by-laws and regulation for its own government, provided said by-laws and regulations shall not be inconsistent with these Articles of Association.
     15th. Each and every Stockholder may have the privilege of borrowing money on note or notes from the company, to an amount not to exceed one-half of his or her stock subscribed with security, provided his or her note shall be approved by the Committee of Finance and Business. 16th. The Salaries of the Officers of the Bank, shall be fixed by the General Board of Directors, and altered at their discretion.
     17th. The Committee of Finance and Business, or any five members of the Company owning together two hundred shares, shall at any time have the power of calling a meeting of the General Board of Directors, if the business of the bank shall require it. (continued)

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